Mortgage applications for second homes soared 84 percent year-over-year in January, according to a new report from Redfin. While that is down from a peak 118 percent year-over-year increase in September, it is up significantly from a year ago and marks the eighth consecutive month of year-over-year growth in excess of 80 percent.
The annual rise in second-home applications is more than double the increase in applications for primary homes. Demand for primary residences rose 36 percent year-over-year in January, down from the 65 percent peak in September and the smallest increase since May.
The continued popularity of vacation homes is indicative of the rise in remote work due to the coronavirus pandemic. With white-collar workers able to work remotely and children learning from home, many affluent Americans are opting to spend at least part of their time outside of densely packed cities and decamping to vacation destinations. The demand for second homes is also represe
